MUMBAI: Viacom Inc.’s Board of Directors has approved a stock purchase program to acquire Viacom common stock.
The program will involve the purchase of up to $4 billion of Viacom class A and class B common stock from time to time. This new program will commence following the completion of Viacom’s existing $3 billion share purchase program under which 70 million shares have been purchased for an aggregate value of $2.7 billion.
NAIRI, Inc., a closely held corporation controlled by Viacom head Sumner Redstone, is expected to continue its participation in this stock purchase program on a pro-rata basis on substantially the same terms on which it currently participates in Viacom’s stock purchase program.
The agreement is designed to prevent the buyback from increasing NAIRI’s economic interest in Viacom.
